Costly to ignore penalty notices from The Pensions Regulator
16 May 2016
Your clients could be fined up to £500 per day if they ignore a penalty notice from The Pensions Regulator (TPR).
TPR’s recently published compliance and enforcement bulletin shows that the number of escalating penalty notices (EPN) they are sending out is on the rise
Employers with 1-4 staff who don’t comply with the EPN before the deadline set down in it, will be fined £50 per day.
Those who employ 5-49 staff will see their penalty build up by £500 a day.
Although more than 95% of employers are meeting their automatic enrolment duties (AE) on time, TPR are taking a tough stance with those who fail to give their staff the pension they are due.
Make sure you know what your clients need to do, and when, to help them avoid a fine
The Pensions Regulator has all the information and guidance to help you understand your clients’ on going duties.
The Pensions Regulator also produces a free, monthly e-newsletter with useful information about automatic enrolment. April’s newsletter featured stories on the recent changes to earnings thresholds, re-enrolment, and how to complete a declaration of compliance. There’s also a regular feature which focuses on ‘Hot Topics’ that their contact centre is taking calls about.
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